United States

Analyst Research Report Snapshot


SpaceandPeople - Germany takes up the baton




Equity Development


09 Sep 2013





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SpaceandPeople is the UK and Germany's leading facilitator of experiential marketing and temporary, in-mall retail sales. It has just released interim results for the 6 months to 30 June 2013, which show strong organic growth. Revenues are up 29% to £6.66m, EBIT up 50% to £657k, PBT up 60% to £613k and Basic EPS up 74% to 2.45p. H2 is likely to be a lower growth period, but cash flow could be much stronger. Germany has taken up the growth baton: the divisions there delivered very strong organic revenue and operating profit growth, compensating for the weaker UK retail environment. Trading on an undemanding 13x FY'13E earnings and yielding over 3%, we believe the shares remain attractively valued versus our 150p target level.

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